We want to inform you about tax breaks and credits. Gather the required documents now to claim them during tax season. While many Canadians are familiar with common tax breaks, several lesser-known opportunities often need to be noticed. This guide will uncover the top missed tax credits and deductions for 2024. 

Child Care Deduction: Parents can deduct eligible child care expenses when reported on the annual income tax return. This deduction helps to offset some of the costs associated with childcare services. You can claim up to $8000 annually for each child under 6 and $5000 annually for each child aged 7 to 15. This covers nannies, babysitters, daycare, preschool, etc.

Student Loan Interest Deduction: Every year, you’re eligible for a 15% tax credit on the interest you pay on your federal student loans. You can claim this credit for interest paid on federal, provincial, or territory student loans.

First-time Home Buyer: In Canada, you could be eligible for a sizable tax credit when purchasing your first house. When first-time buyers purchase a home, they are eligible to receive a non-refundable tax credit of up to $750.

Home Office Tax Credit (even if you’re an employee): You can be eligible to claim some home office expenditures if you work as an employee. Commission employees who sell products can claim some expenses that salaried employees cannot. You can claim expenses for office supplies like paper and pens, mobile phone minutes, and power and internet access fees that you spent for your home office, as well as rent using the temporary flat rate method.

We recommended consulting the latest resources from the Canada Revenue Agency (CRA) and speaking with specialists from VN Accounting Solutions for the most accurate and up-to-date information regarding tax benefits.